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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

The Meteorological Office Trading Fund was established by the Meteorological Office Trading Fund Order 1996 (S.I. 1996/774) on 1st April 1996.

The Meteorological Office Trading Fund (Maximum Borrowing) Order 2019 (S.I. 2019/927) increased the maximum that the Meteorological Office Trading Fund may borrow from £200,000,000 to £300,000,000. The maximum was further increased from £300,000,000 to £400,000,000 by the Meteorological Office Trading Fund (Maximum Borrowing) (Amendment) Order 2024 (S.I. 2024/1170).

S.I. 2024/1170 was laid before both Houses of Parliament despite the provision in section 6(3) of the Government Trading Funds Act 1973 (c. 63) that an instrument made under that power is subject to annulment by the House of Commons only. Article 2 of this instrument revokes S.I. 2024/1170, with a saving in article 3 for the amendment made by S.I. 2024/1170 to article 5 of S.I. 1996/774 to ensure that the maximum amount that the Meteorological Office Trading Fund may borrow remains at £400,000,000.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.